Make in India’ will catapult India to become the 3rd largest economy in 5 to 6 years

[Sarjen29]

Make in India’ will catapult India to become the 3rd largest economy in 5 to 6 years






Monday, August 03, 2015

By : The Hindu




Bharat Forge Chairman and Managing Director Babasaheb Kalyani, on Saturday, expressed confidence that the manufacturing sector would show significant improvement after Diwali and said that ‘Make-in-India’ drive was showing results on the ground.

• Bharat Forge Chairman and Managing Director Babasaheb Kalyani, on Saturday, expressed confidence that the manufacturing sector would show significant improvement after Diwali and said that ‘Make-in-India’ drive was showing results on the ground.
  
  “India’s GDP (gross domestic product) stands roughly at around $2 trillion, in which the manufacturing sector’s contribution is around 15 to 16 per cent, that is around $320 billion. In the next 5 to 6 years, our GDP would reach up to $5 to 6 trillion. It will make us third-largest economy after China,” Mr. Kalyani pointed out while speaking at the fourth convocation of Indian Institute of Technology — Gandhinagar.
  
  “Through the ‘Make-in-India’ campaign, our Prime Minister has envisaged to take the contribution of manufacturing sector in the GDP to 25 per cent in the next 10 to 15 years, which will come to around $1.2 trillion. That is the growth you can expect in the manufacturing sector,” said Mr. Kalyani.
  
  Later, speaking to reporters, Mr. Kalyani stated three things, namely policy, talent and investment were necessary for the success of ‘Make-in-India.’
  
  “Policy is now ready and the government is also making efforts towards ease of doing business. Talent won’t come overnight,” he said.
  
  “But institutions such as IIT Gandhinagar are focusing on skill-building. To bring new investment, Modi government is working really hard and they are also getting success in that,” he added.
  
  Asked to comment on the criticism that ‘Make-in-India’ is not showing results, Mr. Kalyani disagreed.
  
  “It is definitely showing effect on the ground level. If that was not the case, then economy may not have shown growth of 7 to 7.5 per cent. It would have shrunk to mere 4 to 5 per cent....it is our problem that we want to see change on the very next day,” he said.
  
  

 

[C130]

but how much will the quality of life increase for the average Indian?

 

[MilSpec]

but how much will the quality of life increase for the average Indian?

A very good question: Answer is not much, with the semi capitalist model, rich will get richer, Middle class will consolidate and I am not so sure about the Lower income groups...So average Indian's life would remain the same.

What this might do is let the government of India focus on infrastructure development and education, which are the areas which directly impacts the low income groups, which in turn will have a massive reflection in reducing the size of low income groups and propelling them in the mid income groups. That is when we will see change in quality of life of average Indians.

 

[damiendehorn]

India's GDP expected to grow to $5trn - $6trn in the next 5-6 years? WOW to reach $5trn from the current $2.3trn, that would mean the indian economy would need to grow at roughly 16%-17% per year for the next 5 years!

 

[rcrmj]

lol, another grand delusion

 

[Skull and Bones]

India's GDP expected to grow to $5trn - $6trn in the next 5-6 years? WOW to reach $5trn from the current $2.3trn, that would mean the indian economy would need to grow at roughly 16%-17% per year for the next 5 years!

Indian GDP is already doubling at every 7 years, taking 8% GDP growth, 5% inflation and 3% currency appreciation, i believe 15-16% growth can be clocked.

 

[damiendehorn]

Indian GDP is already doubling at every 7 years, taking 8% GDP growth, 5% inflation and 3% currency appreciation, i believe 15-16% growth can be clocked.

Very optimistic, if the indian economy manages to touch $4trn by 2020 then i would say thats something...$5trn-$6trn very doubtful.

 

[illusion8]

but how much will the quality of life increase for the average Indian?

30% of India's population are tribal's, majority of whom will keep shunning development and modernization till they can..net data will keep looking average till that changes.